> keeping them high
At some point we need to address the elephant in the room and ask people specifically what they mean by "high" rates, because 5% isn't particularly high by historical terms, it's only high for people who never paid attention to interest rates before 2010.
ZIRP shifted the entire perspective, and tech's method of hoarding talent irrevocably changed how we iterpret business. if an increase to 5% can impact jobs in the 8 digits, reaching in nearly every sector and not just tech, 5% is definitely the new "high". For all the wrong reasons, perhaps. But the genie's out the bottle.
I don't know what the "new normal" is though. I suppose 2025 will be used to figure that out. I don't think 4.75% will be enough.